Cummins (NYSE:CMI) Stock Rating Upgraded by Bank of America

Bank of America upgraded shares of Cummins (NYSE:CMI - Free Report) from an underperform rating to a neutral rating in a research report released on Tuesday, MarketBeat.com reports. Bank of America currently has $358.00 price objective on the stock, up from their prior price objective of $354.00.

Several other equities research analysts have also commented on CMI. The Goldman Sachs Group upped their price target on shares of Cummins from $324.00 to $370.00 and gave the company a "neutral" rating in a research report on Wednesday, November 6th. Citigroup upped their target price on shares of Cummins from $415.00 to $435.00 and gave the company a "buy" rating in a report on Monday, December 9th. Jefferies Financial Group lifted their price target on shares of Cummins from $410.00 to $435.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. Truist Financial upped their price objective on Cummins from $369.00 to $424.00 and gave the stock a "hold" rating in a research note on Thursday, December 19th. Finally, JPMorgan Chase & Co. upgraded Cummins from an "underweight" rating to a "neutral" rating and lifted their target price for the company from $355.00 to $420.00 in a research report on Monday, December 9th. Eight investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Cummins has an average rating of "Moderate Buy" and an average price target of $374.17.

Cummins Stock Up 0.8 %

NYSE CMI traded up $2.99 during mid-day trading on Tuesday, reaching $364.06. The stock had a trading volume of 582,895 shares, compared to its average volume of 576,624. The stock has a market cap of $49.94 billion, a PE ratio of 24.05, a price-to-earnings-growth ratio of 1.78 and a beta of 0.99. Cummins has a 1 year low of $226.52 and a 1 year high of $387.90. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The company has a fifty day moving average price of $362.81 and a 200 day moving average price of $326.21.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the prior year, the company posted $4.73 earnings per share. The company's quarterly revenue was up .3% on a year-over-year basis. On average, research analysts expect that Cummins will post 20.75 earnings per share for the current year.

Insider Buying and Selling at Cummins

In related news, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,678,803.36. This trade represents a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold 6,489 shares of company stock worth $2,357,531 in the last quarter. 0.56% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cummins

Several large investors have recently modified their holdings of the stock. PFG Investments LLC lifted its stake in Cummins by 27.7% in the third quarter. PFG Investments LLC now owns 2,238 shares of the company's stock worth $725,000 after purchasing an additional 485 shares during the last quarter. CWM LLC grew its position in Cummins by 17.4% in the 3rd quarter. CWM LLC now owns 12,069 shares of the company's stock valued at $3,908,000 after acquiring an additional 1,786 shares during the last quarter. Distillate Capital Partners LLC grew its position in Cummins by 109,309.3% in the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company's stock valued at $16,361,000 after acquiring an additional 59,027 shares during the last quarter. Alpha DNA Investment Management LLC purchased a new stake in Cummins in the third quarter worth $748,000. Finally, Franklin Resources Inc. lifted its position in shares of Cummins by 74.2% during the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company's stock worth $79,017,000 after purchasing an additional 99,464 shares during the last quarter. Institutional investors own 83.46% of the company's stock.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.